Shares Debt with Sister?? | Millennial Real Life Budget Review Ep. 20 | Summary and Q&A

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October 4, 2023
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Debt Free Millennials
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Shares Debt with Sister?? | Millennial Real Life Budget Review Ep. 20

TL;DR

Two sisters share a budget and debts, aiming to pay off $30,000 in three years, while facing challenges with high expenses such as rent and cell phone bills.

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Key Insights

  • ❓ Sharing a budget and debts with a sibling can be a unique and potentially beneficial approach to managing finances.
  • 🤑 Rent is a significant expense for the sisters, and reducing it could free up more money to pay off debt.
  • 🤑 The sisters can save money by exploring more affordable alternatives for cell phone plans and car insurance.
  • 🏛️ Building up a two-month emergency fund should be a priority before focusing on debt repayment.

Transcript

I have never seen this before ever since I've been doing these Millennial real life budget reviews I have looked at a lot of different budgets but never have I ever seen two sisters one budget in shared debts let's take a look in this episode hey guys welcome back to the debt free Millennials Channel I'm your host Justine this channel is all about ... Read More

Questions & Answers

Q: How much debt do the two sisters have in total?

The sisters have a total debt of $31,346, which includes two Discover Cards, two personal loans, and Invisalign costs.

Q: What are the sisters' financial goals?

Their goals include paying off $30,000 in debt, building an emergency fund, and opening a Roth account by August 2024.

Q: What expenses in their budget can be reduced?

The sisters could lower their rent, which currently accounts for almost 38% of their income, and find a rental place around $1,700-$1,800 per month. They can also reduce their cell phone bill and explore more affordable options like Mint Mobile.

Q: What is the suggested debt payoff plan?

By funneling an extra $400 per month towards debt payments, the sisters can become completely debt-free in two years and nine months. They can choose to prioritize paying off debts based on the lowest balance, highest interest rate, or for a quick win.

Summary & Key Takeaways

  • Two sisters are striving to pay off $30,000 of debt, build an emergency fund, and open a Roth account by August 2024.

  • They have a combined monthly income of $5,800 and are currently paying $2,200 in rent, which could be reduced to save more towards their debt.

  • Their budget includes high expenses for cell phones and car insurance, but they have no spending on restaurants, shopping, or clothing.

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